2024 Budget: Restructuring VAT System to Close Loopholes and Ensure Fairness

• Ghana Union of Traders Association (GUTA) calls for restructuring of VAT system in the 2024 budget
• GUTA wants the same VAT rate to be paid across the board
• Currently, some businesses pay 22% VAT, some pay 4%, and others are exempted
• GUTA argues that this creates disadvantages for businesses and affects pricing
• GUTA also calls for measures to stabilize the exchange rate and scrap certain taxes
• Minister of Finance, Ken Ofori-Atta, expected to present the 2024 budget on November 15, 2023.

Source: ghanaweb.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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